topic Re: Not Notified Of Repo Being Resold in Auto Loans

Not Notified Of Repo Being Resold

cdub69 — Sat, 15 May 2010 19:25:00 GMT

My car was reposessed and Mid Atlantic never contacted me about the auction.Which is required in Texas.I checked my credit report and the balance slightly decreased.Is there anything legally I can do against Mid Atlantic?

Re: Not Notified Of Repo Being Resold

daisyduke — Sun, 16 May 2010 13:59:54 GMT

Hi Cdub69

I'm not an attorney but from my point of view, I don't think this would hold up, bringing legal action against a credit union b/c they didn't give you proper notice of your car being sold, etc. My reasons are: you are still within SOL, the debt is unpaid and Mid Atlantic is a credit union (versus let's say a scum bag bank, with a terrible reputation).

However, if you feel strongly about it, you might want to consult an attorney. Spend five minutes on the phone, explaining your situation and see if they would want to take it further. Take into consideration legal expenses IF an attorney wants to represetn you. You might spend $5K on fees, etc. which could pay off your balance.

Re: Not Notified Of Repo Being Resold

Anonymous — Mon, 17 May 2010 15:58:45 GMT

I'm curious to see what others think of this as well. I have the same situation with a loan from BMWFS in Indiana.

Re: Not Notified Of Repo Being Resold

Anonymous — Mon, 17 May 2010 17:55:17 GMT

All they need is a Certified Mail receipt sticker affixed to an address that they had on file for you to show that you had been notified of the intent to sell the repossessed vehicle at auction. If someone at a previous or current address signed for you, then that would suffice as proper notification. If you had moved, or have relatives at your current address, you might want to follow up with them.

Best thing would be to contact the credit union directly and speak to their collections department, find out what stage it is at, and where/if any, notifications of intent to sell were sent. After repo and and sale at auction, any remaining (deficiency) balance will likely be sent to a CA. There is little you can do against the CU if they followed proper procedure and got the certmail receipt, unless they had some kind of breach of contract, or you were covered under a third party GAP contract (in which you would have to contact your GAP insurer). Good luck.